Q:

Are there any private loan forgiveness programs?

A:

Quick Answer

Loan forgiveness programs, which are normally for student loans, are offered by the United States government and usually don't cover loans taken out privately but only cover federally backed student loans, notes Debt.org. Those with private loans, however, do have the option to see repayment assistance to help make loan repayment for affordable. suggests Equal Justice Works.

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Full Answer

Rather than receiving forgiveness for all or part of their loans, people who seek loan payment assistance get help making the monthly payments. Schools, state and local governments, and employers may all offer these programs, states Equal Justice Works. Service requirements may apply, and organizations may limit the length of time the person can receive assistance.

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